Objective: This study tried to investigate the cognitive factors and sources of test anxiety. Methods: We established a test anxiety inventory, and then used it and the “Self-Rating Anxiety Scale (SAS)” inventory to measure students’ perception of test anxiety in a sample of 810 middle school students. Results: 1) The findings indicate that in the six cognitive factors leading to test anxiety, students have more problems in “responsibility assess”, “consequence assess”, and “event assess”, and the influence of “self-efficacy” on test anxiety is the largest (β = 0.17); 2) Additionally, for grade 3 students, their anxieties much more stem from their parents; in fact, the stress from school and teachers (β = 0.25) as well as the stress from classmates (β = 0.27) are the most strongly related to test anxiety. Conclusion: The cognitive model of test anxiety provided a good fit to the data. This model has great significance in the theory research and practice of test anxiety.